UK growth tops other advanced economies during third quarter

THE BRITISH economy grew more than any other developed country’s between July and September, according to the Organisation for Economic Co-operation and Development (OECD).

The group of rich economies announced yesterday that Britain’s 0.8 per cent growth in the third quarter was faster-paced than that of the US, Japan or Germany, among others.

The Bank of England also published its risk survey yesterday, showing that market participants think a major financial disaster is now less likely than at any point since the survey began in 2008.

The number of people expressing confidence in the UK financial system’s stability has also risen to 96 per cent, a post-2008 high. Only four per cent are now not very confident, down from a peak of 28 per cent in the second half of 2011.

However, investors have renewed concern about a property price correction: 36 per cent list it as a key risk, up 11 percentage points since earlier this year.